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of <h1>Income Tax Rules, 1962: Depreciation Rates for Assets Including Machinery, Buildings, Vehicles, and More Explained</h1> The depreciation rates for various classes of assets under the Income Tax Rules, 1962. It specifies the percentage of actual cost that can be depreciated annually for different types of assets, including plant and machinery, cooling systems, hydraulic works, buildings, transformers, switchgear, batteries, cables, overhead lines, meters, vehicles, air-conditioning units, office furniture, and communication equipment. Depreciation rates vary significantly, with temporary structures and self-propelled vehicles having higher rates, while assets like dams and office buildings have lower rates. The table serves as a guideline for calculating allowable depreciation for tax purposes.
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